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Cryptocurrency prices have been fluctuating for a while, and the overall feeling in the market is bearish. Bitcoin (BTC) is struggling to get back to $60K and above, and Ethereum (ETH) is striving to stabilize at $2,700.
However, identifying the next cryptocurrencies to explode might take some work as most funds are attracted to pumping assets. Today’s article explores the performance of cryptocurrencies that have dominated the gainers list in the last 24 hours. The objective is to identify coins with some potential and inform investors and traders about each token.
Next Cryptocurrency To Explode
Today’s article discusses the performance of potentially explosive cryptos that investors should add to their watchlist. It also includes a special mention of Pepe Unchained, a new Pepe-themed meme coin launched on its Ethereum Layer 2 blockchain. Within minutes, it attracted over $150,000 in investments. The details of its presale and the performance of the top-performing cryptos today are shared below.
1. Threshold (T)
The Threshold Network provides advanced cryptographic tools specifically designed for dApps. These tools address critical privacy, security, and interoperability challenges. Users enjoy features like proxy re-encryption (PRE), threshold signatures (TSS), random beacon (RB), and distributed key generation (DKG). Together, these tools enable secure cross-chain interactions, safe data sharing, and controlled access to user data
In the short term, Threshold recorded a 6.25% increase in the last 24 hours and a 28.34% rise over the past week. Its Relative Strength Index (RSI) is a promising 53.61, and the token is trading above its 200-day Simple Moving Average (SMA), indicating positive momentum. With 11 green days in the past 30 days, Threshold is shaping up as a potentially profitable investment.
One key application of Threshold is tBTC. tBTC is a tokenized version of Bitcoin that operates without custodians and allows holders to use DeFi privately and with a lower risk of censorship. The T token also plays an essential role in staking and node operations, which are crucial for the network’s efficiency and security.
tBTC just became the most important asset in DeFi.
You can swap from wBTC to tBTC: https://t.co/ikKhyyyrtk
And redeem it back to native BTC for safekeeping (or continue to use tBTC as DeFi collateral): https://t.co/WTaHt0PmOc https://t.co/pWu5JkYijV
— Threshold Network ✜ (@TheTNetwork) August 10, 2024
Moreover, Threshold’s security relies on threshold cryptography and signature schemes. It also supports cross-chain projects on networks like Sepolia, ensuring smooth interactions between blockchains. In addition to tBTC, Threshold enables applications such as RandomBeacon and Threshold Autonomous Credentials (TACo) apps to expand its ecosystem.
2. Euler (EUL)
EUL has seen a notable increase in network activities and social engagement this August. The daily, weekly, and monthly charts show impressive gains of 4.64%, 44.42%, and 13.57%, respectively. Additionally, the altcoin has surged by 106.06% over the past year, outperforming 75% of the top crypto assets. This growth reflects strong investor confidence and a positive outlook for the currency.
Moreover, Euler has allocated $4 million to enhance security for its upcoming v2 platform. Supported by the Euler DAO, this initiative includes extensive code audits and the introduction of a modular architecture to minimize risks. The v2 platform, scheduled for release in the second quarter of 2024, will feature a modular design with components like the Euler Price Oracle, Euler Vault Kit (EVK), and Ethereum Vault Connector (EVC). These elements are intended to give users greater flexibility in creating lending markets.
Securing Euler.
Today, we're sharing our multi-layer security approach, developed and implemented over the past year.
In this 🧵 you'll find some of the highlights.https://t.co/ogSpIwH2f9
— Euler Labs🛢️🇬🇧 (@eulerfinance) August 12, 2024
In addition to these security measures, Euler Labs organized a global code audit competition, offering $1.25 million in rewards for identifying bugs in the v2 codebase. The competition drew over 600 participants and found no high or medium-severity issues. This highlights the protocol’s commitment to creating a secure platform for its users.
As the launch of Euler v2 draws near, the developers aim to rebuild trust in the platform and set a new standard for security in the DeFi space. The upgrade will give users more flexibility in creating custom lending markets and strategies.
3. Pepe Unchained (PEPU)
Pepe Unchained (PEPU) aims to bring an enhanced version of the popular PEPE meme coin to the market. Previously, the potential of this frog-themed project was limited due to its launch on the congested Ethereum blockchain. With its own layer-2 network, Pepe Unchained is stepping into the Ethereum scaling ecosystem. It plans to empower PEPE by moving transaction processing off the Ethereum mainnet.
This shift allows Pepe Unchained’s version of the meme coin to achieve transaction speeds that are 100 times faster than any meme coin on Ethereum. Additionally, PEPU token holders can send and receive crypto at much lower costs, potentially leading to increased on-chain activity.
Although it operates on its blockchain, Pepe Unchained still provides investors the dual benefit of Ethereum’s strong security framework and native high speeds. This setup allows token holders to easily bridge their assets between the Ethereum and Pepe Unchained networks. Given these advantages, it’s easy to see why experts believe PEPU has significant growth potential.
Pepe is in the incubator, getting ready to be reborn! 🐸🧪 pic.twitter.com/yjZuDr0cee
— Pepe Unchained (@pepe_unchained) August 14, 2024
With over $8.8 million already invested in PEPU’s ongoing presale, it’s clear that investors have a positive outlook on the project’s future. A key factor driving this interest could be the 225% APY available to those who buy and stake PEPU at this early stage. Currently priced at $0.0090539, the token can be purchased using ETH, USDT, BNB, or a bank card via the easy-to-use widget on the project’s website. To qualify for the high staking rewards, buyers need to lock up their PEPU tokens through the staking page on the website.
Visit the Pepe Unchained Presale
4. Biconomy (BICO)
Biconomy is a centralized cryptocurrency exchange that offers spot and futures trading with a flat fee structure. The platform supports fiat deposits in currencies like USD, EUR, GBP, RUB, KZT, UAH, and BRL. Users can trade over 100 cryptocurrencies, including Bitcoin, Ethereum, BCH, LTC, TUSD, XRP, ADA, SOL, and BIT.
Biconomy also offers an interest-earning product called Biconomy Earn that allows users to earn interest on their digital assets. At press time, BICO costs $0.2418 per token. This price reflects a 5.06% increase in the last 24 hours and a 5.70% rise over the past week. Moreover, BICO is trading 9.88% above its 200-day simple moving average (SMA) of $0.26812 while trading 0.96% below its cycle high and 29.82% above its cycle low.
However, the 14-day Relative Strength Index (RSI) of 79.08 indicates a potential decline soon. In the past 30 days, BICO has experienced 15 green days and high volatility at 10.31%, suggesting unpredictable price movements.
Biconomy’s unique relayer network addresses common blockchain challenges, enabling gasless transactions on platforms like Curve Finance, Perpetual Protocol, Decentral Games, and Sapien Network. The security of these transactions is ensured through audits conducted by Quantstamp, MixBytes, Certik, and Holborn.
Thrilled to announce our strategic partnership with @ZeshApps ! 🚀
Zesh is an innovative AI-powered SocialFi suite, leveraging zkML to solve one of Web3's biggest challenges: authentic community growth and engagement.
Ready to join the mission? 👾
Check link in next tweet 👇 https://t.co/IKohRxKBj2 pic.twitter.com/hvM3GowWRV
— Biconomy (@biconomy) August 12, 2024
Furthermore, Biconomy offers developers an easily integratable software development kit (SDK). Users sign transactions with private keys, keeping the platform non-custodial and trustless. Biconomy’s multichain relayer protocol also enhances the user experience of decentralized applications (DApps). The project aims to make Web3 products as user-friendly as Web2, striving to overcome the limitations currently faced by Web3 technology.
5. Flare (FLR)
Flare is a layer-one blockchain that leverages the Ethereum Virtual Machine (EVM) to enhance blockchain functionality. It aims to give developers decentralized access to reliable data from various blockchains and the internet. This access opens up new possibilities for creating applications and monetization opportunities.
Additionally, Flare allows decentralized applications (dApps) to support multiple blockchains with a single deployment. Flare recently integrated with Stargate Finance, enabling smooth liquidity transfers across over 25 blockchains, including Ethereum, Arbitrum, Optimism, and Base. Stargate V2’s Hydra feature facilitates the easy movement of USDC, USDT, and ETH to Flare.
These assets can be used within dApps and protocols on Flare. Meanwhile, the original assets remain in native asset pools on the source chains, while equivalent Hydra assets are created on Flare. Users can redeem these Hydra assets for the original assets at any time through Stargate, ensuring unified liquidity across all connected chains.
Staking rewards for epochs 210-213 are here 👨🍳
New to $FLR staking? Stake your FLR to support validators and earn more rewards beyond #FlareDrops.
Requirements ⤵️https://t.co/FZI3kKxPRr
There are also liquid staking options like @SceptreLS.
— Flare ☀️ (@FlareNetworks) August 14, 2024
Moreover, the Stargate V2 integration aligns with the launch of a major DeFi incentives program on Flare. This program aims to increase stablecoin liquidity and establish a strong foundation for Flare’s upcoming FAssets system, which will support DeFi for non-smart contract chains. Stargate V2 users who bridge their USDC and USDT to Flare and contribute to select decentralized exchange (DEX) pools will benefit from competitive reward rates.
As of today, Flare’s price is $0.01547, reflecting a 2.63% decrease over the last 24 hours. Technical analysis from CoinCodex suggests that Flare could trade between $0.018926 and $0.089576 in the future. If it reaches the upper target, FLR could become the next cryptocurrency to experience significant growth.
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